Kindred Healthcare (NYSE: KND) will be acquired for $9.00 per share in cash by Humana (NYSE: HUM), TPG Capital, and Welsh, Carson, Anderson & Stowe (“WCAS”). The total consideration equates to approximately $4.1 billion.
The $9.00-per-share offer represents a 27% premium to Kindred’s 90-day volume-weighted average price.
Kindred operates home health, hospice and community care businesses, long-term acute care hospitals, inpatient rehabilitation facilities and a contract rehabilitation services business. Post transaction, the home health, hospice and community care businesses will be separated and operated as a standalone company owned 40% by Humana. TPG Capital and WCAS will own the remaining 60%. TPG Capital and WCAS will also own the long-term acute care hospitals and the inpatient rehabilitation facilities.
Kindred’s President and CEO, Benjamin A. Breier, stated, “We are pleased to have reached this agreement, which will deliver significant cash value to Kindred’s stockholders and concludes a robust strategic review undertaken by the Board and management team over the course of 2017. We believe this agreement maximizes value for stockholders and represents a significant step forward in transforming home healthcare in America by enhancing access to care and reducing costs for people living with chronic conditions. In addition, the specialty hospital company,
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